Who Has the Cheapest Albuquerque Auto Insurance for Seniors?

The words “bargain” and “insurance” really don’t belong together, especially when you are searching for the lowest insurance prices for seniors. To save some money, let’s start the ball rolling by going over some things that significantly impact car insurance prices, and find out if we can help you shave a little off your next policy.

Shopping around for low-cost auto insurance is tough enough, and figuring out which companies have the lowest-priced insurance rates for seniors requires additional perseverance. Every insurance company has their own guidelines to set policy rates, so first let’s look at the rankings for the insurance companies that tend to have lower prices in Albuquerque.

It’s important to know that Albuquerque insurance rates are based on many factors which can substantially decrease or increase the price you have to pay. Improving your credit rating, moving across town, or getting a driving violation can trigger rate changes resulting in some rates now being more expensive than others.

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Rankings for the cheapest car insurance companies in New Mexico
Rank Company Cost Per Year
1 USAA $663
2 Allied $948
3 Safeco $974
4 Farm Bureau Mutual $1,214
5 Farmers $1,263
6 Central Mutual $1,314
7 State Farm $1,336
8 The Hartford $1,352
9 Progressive $1,535
10 MetLife $1,578
11 Travelers $1,584
12 GEICO $1,624
13 California Casualty $1,639
14 Encompass $1,643
15 Allstate $2,314
16 Liberty Mutual $2,554
17 Sentry $3,082
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USAA generally has some of the cheapest car insurance rates in Albuquerque at around $663 a year. This is $905 less than the average price paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers also are some of the more affordable Albuquerque, NM insurance companies.

As depicted above, if you buy coverage from Allied and switched to USAA, you might see a yearly price reduction of upwards of $285. Insureds with Safeco might save as much as $311 a year, and Farm Bureau Mutual policyholders might realize rate reductions of up to $551 a year.

To discover how much you can save, click here to get quotes or quote rates from the companies below.

Remember that these policy rates are averages across all ages of drivers and types of vehicles and do not take into consideration a vehicle location for seniors. So the company that has the lowest price for you may not even be in the top 17 companies in the list above. That underscores the importance of why you need to quote rates from many companies using your own driver data and vehicle information.

The vehicle needing coverage is one of the biggest factors that determines whether or not you find cheaper coverage for seniors. Vehicles with economical engines, good safety features, or a low likelihood of liability claims will cost substantially less to insure than high performance models.

The data below showcases car insurance costs for a number of the most economical automobiles to insure in New Mexico.

Cheapest Vehicles to Insure in Albuquerque, NM
Make and Model Estimated Cost for Full Coverage
Ford Escape XLS 4WD $1,263
Honda CR-V EX 4WD $1,294
Hyundai Elantra SE Touring Station Wagon $1,371
Toyota Prius $1,399
Ford Edge SEL 2WD $1,466
Chevrolet Equinox LT AWD $1,496
Chevrolet Impala LT $1,506
Nissan Altima 2.5 4-Dr Sedan $1,496
Toyota RAV4 Limited 4WD $1,503
Ford Explorer Eddie Bauer 4WD $1,524
Dodge Grand Caravan SXT $1,530
Chevrolet Malibu LT $1,524
Ford F-150 SVT Raptor Super Cab 4WD $1,534
Toyota Tacoma Double Cab 4WD $1,524
Ford Focus SES 4-Dr Sedan $1,546
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Table data represents married male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Mexico minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, claim-free, and multi-vehicle. Premium amounts do not factor in zip code location which can raise or lower rates greatly.

By looking at the data, you can infer that cars like the Ford Escape, Honda CR-V, and Hyundai Elantra are a few of the most budget-friendly vehicles to insure for senior citizens.

For senior citizens, one of the largest things that are used to help calculate auto insurance rates is your address in Albuquerque. Regions with larger populations or more claims are more likely to have higher rates, whereas less populated areas benefit from having to pay less for coverage.

The following table shows the highest-priced places in New Mexico for seniors to purchase car insurance in. Albuquerque is listed at #1 with a yearly premium of $1,389 for the average policyholder, which is approximately $116 each month.

How much does car insurance cost in Albuquerque, NM?
Rank City Annual Rate
1 Albuquerque $1,389
2 South Valley $1,349
3 Santa Fe $1,342
4 North Valley $1,316
5 Los Alamos $1,308
6 Rio Rancho $1,282
7 Artesia $1,278
8 Los Lunas $1,250
9 Hobbs $1,246
10 Gallup $1,224
11 Espanola $1,223
12 Roswell $1,222
13 Lovington $1,207
14 Carlsbad $1,201
15 Las Vegas $1,160
16 Portales $1,151
17 Farmington $1,148
18 Clovis $1,145
19 Las Cruces $1,131
20 Deming $1,109
21 Anthony $1,109
22 Chaparral $1,103
23 Silver City $1,063
24 Alamogordo $1,063
25 Sunland Park $1,054
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Premium amounts are approximated as specific Albuquerque garaging address can modify coverage rates significantly.

Accidents and violations increase rates

The easiest way to snag the best insurance premiums for senior citizens is to be a safe driver and not have accidents or get tickets. The example below shows how violations and at-fault accidents can impact car insurance rates for different categories of driver ages. The data is based on a single male driver, full physical damage coverage, $1,000 deductibles, and no discounts are applied.

The chart shows that the average cost of an auto insurance policy per year with no accidents and a clean driving record is $1,468. Add in two speeding tickets and the average cost rises to $1,935, an increase of $467 each year. Now get two accidents along with the two speeding tickets and the 12-month cost of insurance for seniors goes up to an average of $3,805. That’s an increase of $2,337, or $195 per month, just for not driving responsibly!

Picking a high-quality car insurance company is hard considering how many companies there are to choose from in Albuquerque. The company rank data in the lists below can help you pick which insurers to look at when shopping insurance around for seniors.

The ratings below are only made up of companies with a national presence, so companies that may only write in New Mexico are not factored into these rankings. To compare prices and find the cheapest rates for seniors, just click here.

Best 15 Insurance Companies for Seniors in New Mexico
Company Value Customer Service Claims Customer Satisfaction A.M Best Rating Overall Score
USAA 98 100 100 94% A++ 98.6
American Family 98 89 100 86% A 95.4
State Farm 88 93 96 90% A++ 92.4
The Hartford 94 92 90 89% A+ 91.7
AAA Insurance 88 89 95 91% A 91.2
GEICO 84 93 93 89% A++ 90.3
The General 89 91 89 88% A- 90
Titan Insurance 90 87 91 95% A+ 89.6
Progressive 84 91 93 87% A+ 89.5
Allstate 85 90 92 88% A+ 89.3
Nationwide 87 88 84 90% A+ 88.7
Liberty Mutual 84 87 93 88% A 88.5
21st Century 85 86 87 88% A 86.7
Esurance 85 80 95 87% A+ 85.9
Safeco 85 85 85 86% A 85.8
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Data Source: Insure.com Best Car Insurance Companies

The benefits of price comparisons

New Mexico insurance rates are based on many factors which can significantly increase or decrease the cost of coverage. Turning one year older, buying a different home, or getting a few speeding tickets may cause policy rate changes that may make certain companies much cheaper than others.

Not only may your risk profile change, but car insurance companies change their prices as often as every quarter to adjust for gains or losses. Significantly higher claims can result in higher rates, while a profitable period may result in cheaper Albuquerque car insurance rates.

To illustrate this point, the graph below shows rates for the cheapest car insurance in Albuquerque, NM for a 40-year-old male driver with a good driving record, no prior claims, and a high credit rating. If we estimate prices based on his current risk profile, USAA may have the lowest car insurance rates in Albuquerque at $949 a year. This is $619 less than the average price paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Central Mutual are also on the list of the top five cheapest Albuquerque, NM auto insurance companies.

The chart below compares rates after we give the driver from the above example a claim or two, poor credit, and a blemish on his driving record. Due to the fact that every auto insurer has a unique formula for determining rates in each state, comparing insurance quotes could result in a new list of the cheapest companies as shown below.

Allied now has the lowest car insurance rate in Albuquerque, NM with USAA, State Farm, The Hartford, and Safeco now rounding out the top five. This demonstrates why consumers need to compare rates to get cheap car insurance rates for seniors. Insurance rates can be altered by many different factors and can increase or decrease at any time, so the cheapest rate the last time you compared rates may now be quite expensive.

How to find low-cost insurance for seniors

It’s not impossible to find cheaper rates, and here are some of the better thrifty solutions that can help Albuquerque drivers find cheap car insurance.

The final tip is very necessary, as was noted in this piece. Auto insurance prices vary considerably, so don’t hesitate to buy a policy from a new company if you can save money.

Having a favorite company is great, but it’s not recommended if that loyalty results in overpaying a small fortune year after year. It takes less than five minutes to compare prices and find cheaper insurance for seniors in Albuquerque.